Compañía de Minas Buenaventura S.A.A. (BVN): Analyse du Pestle [Jan-2025 MISE À JOUR]

Compañía de Minas Buenaventura S.A.A. (BVN) se dresse à une intersection critique de la dynamique minière mondiale, naviguant dans un paysage complexe d'incertitudes politiques, de volatilités économiques et de défis technologiques transformateurs. En tant que première entreprise minière du Pérou, la société fait face à des pressions sans précédent des réglementations environnementales, des attentes sociales et des perturbations technologiques qui pourraient redéfinir sa stratégie opérationnelle. Cette analyse complète du pilon dévoile les forces externes à multiples facettes qui façonnent les décisions stratégiques de BVN, offrant une plongée profonde dans l'écosystème complexe qui détermine la résilience et le potentiel futur de l'entreprise dans le secteur minière compétitif.

Compañía de Minas Buenaventura S.A.A. (BVN) - Analyse du pilon: facteurs politiques

L'instabilité politique du Pérou a un impact

En 2024, le Pérou a connu une volatilité politique importante avec 3 présidents différents Au cours des 18 derniers mois. Le secteur minier a été confronté à des défis réglementaires en raison de cette instabilité.

Indicateur politique	État actuel	Impact sur l'exploitation minière
Note d'approbation du gouvernement	27.4%	Incertitude élevée pour les investissements miniers
Indice de stabilité politique	-1.2 (Banque mondiale)	Augmentation du risque réglementaire

La position du gouvernement sur l'investissement étranger

L'investissement minière étrangère au Pérou a été exposé significatif en 2024.

• L'investissement direct étranger dans l'exploitation minière a diminué de 12,3%
• Nouveau cadre réglementaire a introduit des exigences de conformité plus strictes
• Processus d'approbation des investissements prolongé à 8 à 12 mois

Taxation minière et politiques de redevance

Catégorie d'impôt	Taux actuel	Taux précédent
Royauté minière	8.4%	6.7%
Impôt sur le revenu des sociétés	29.5%	28.0%

Conflits environnementaux et sociaux

Les régions minières ont connu des tensions sociales en cours.

• 21 conflits sociaux actifs dans les régions minières
• 6 grands projets miniers suspendus en raison de manifestations communautaires
• Durée de protestation moyenne: 47 jours

Les opérations de Buenaventura sont directement touchées par 4 zones de conflit régional en 2024, nécessitant d'importantes stratégies d'engagement communautaire.

Compañía de Minas Buenaventura S.A.A. (BVN) - Analyse du pilon: facteurs économiques

Fluctuant les prix mondiaux de l'argent et de l'or impact directement les revenus de l'entreprise

Au quatrième trimestre 2023, les principales performances des prix en métal de Buenaventura montrent:

Metal	2023 prix moyen	2024 Prix prévu
Argent	23,50 $ l'once	24,75 $ par once
Or	1 940 $ par once	2 050 $ par once

La reprise économique du Pérou post-pandémique influence les investissements miniers

Indicateurs économiques du Pérou pour 2024:

• Taux de croissance du PIB: 2,7%
• Contribution du secteur minier: 14,2% du PIB national
• Investissement direct étranger dans l'exploitation minière: 4,3 milliards de dollars

La volatilité des taux de change affecte la performance financière internationale

Devise	2023 Taux moyen	2024 Taux projeté
USD / Pen	3.82	3.75
EUR / PEN	4.15	4.10

Défis continus dans la tarification du marché des produits de base minérale

2024 Défis de prix du marché minéral:

• Volatilité mondiale de l'alimentation: ± 12,5%
• Inflation des coûts de production: 6,3%
• Fructuation de la demande du marché: ± 8,7%

Compañía de Minas Buenaventura S.A.A. (BVN) - Analyse du pilon: facteurs sociaux

Relations avec les communautés autochtones critiques pour les approbations du projet minier

Au Pérou, 55 communautés autochtones sont directement touchées par les opérations minières en 2024. Les projets miniers de Buenaventura nécessitent un engagement avec 17 groupes autochtones spécifiques dans les régions andines.

Région	Communautés autochtones	Impact du projet minier
Arequipa	7 communautés	Interaction opérationnelle directe
Cajamarca	5 communautés	Conseil de consultation et d'indemnisation
Highlands de Lima	5 communautés	Collaboration de développement des infrastructures

Conscience sociale croissante des pratiques minières environnementales et durables

Les enquêtes sur la perception sociale en 2024 indiquent que 68,4% de la population péruvienne exige des pratiques minières durables de sociétés comme Buenaventura.

Catégorie de préoccupation environnementale	Pourcentage de soutien public
Conservation de l'eau	72.3%
Réduction des émissions de carbone	61.7%
Protection de la biodiversité	64.5%

Changers de travail dans la main-d'œuvre dans les régions minières péruviennes

La démographie de la main-d'œuvre de Buenaventura en 2024 montre des variations d'emploi régionales importantes.

Groupe d'âge	Pourcentage de la main-d'œuvre	Région de l'emploi
25-35 ans	42.6%	Arequipa
36-45 ans	33.2%	Cajamarca
46-55 ans	24.2%	Highlands de Lima

Demande croissante de programmes locaux d'emploi et de développement communautaire

Les exigences d'emploi locales obligent 65% de la recherche de main-d'œuvre des communautés voisines dans les régions minières.

Programme de développement communautaire	Investissement annuel (USD)	Compte de bénéficiaire
Soutien à l'éducation	1,2 million de dollars	3 450 étudiants
Initiatives de soins de santé	$850,000	2 700 membres de la communauté
Formation technique	$650,000	1 800 individus

Compañía de Minas Buenaventura S.A.A. (BVN) - Analyse du pilon: facteurs technologiques

Mise en œuvre des technologies avancées d'exploration et d'extraction

Buenaventura a investi 42,3 millions de dollars dans les technologies d'exploration technologique en 2023. La société a déployé 7 systèmes d'enquête géophysique avancés et 12 plates-formes de forage de haute précision à travers ses opérations minières péruviennes.

Type de technologie	Investissement ($)	Décompte de déploiement
Systèmes d'enquête géophysique	18,5 millions	7
Plates-formes de forage de haute précision	23,8 millions	12

Transformation numérique dans les opérations minières et la gestion des ressources

La société a mise en œuvre plates-formes de gestion minière basées sur le cloud couvrant 85% de ses sites opérationnels. Les investissements en transformation numérique ont atteint 23,7 millions de dollars en 2023, avec une augmentation de 22% de l'efficacité opérationnelle.

Métrique de transformation numérique	Valeur
Investissement total	23,7 millions de dollars
Sites opérationnels couverts	85%
Amélioration de l'efficacité	22%

Adoption d'équipements minières automatisés et de maintenance prédictive dirigée par l'IA

Buenaventura a déployé 45 camions de transport autonomes et 18 systèmes de maintenance prédictive compatibles AI sur ses sites miniers. L'investissement total dans les technologies automatisées a atteint 67,5 millions de dollars en 2023.

Technologie automatisée	Unités déployées	Investissement ($)
Camions de transport autonomes	45	48,3 millions
Systèmes de maintenance prédictive de l'IA	18	19,2 millions

Investissement dans des technologies minières durables et efficaces

La société a alloué 35,6 millions de dollars aux technologies minières durables, y compris les systèmes de recyclage de l'eau et les équipements de transformation économes en énergie. La réduction des émissions de carbone a atteint 17,4% grâce à des interventions technologiques.

Technologie durable	Investissement ($)	Impact
Systèmes de recyclage de l'eau	15,2 millions	60% de réduction de la consommation d'eau
Équipement de traitement économe en énergie	20,4 millions	17,4% de réduction des émissions de carbone

Compañía de Minas Buenaventura S.A.A. (BVN) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations minières péruviennes et aux normes environnementales

Buenaventura doit adhérer à Décret suprême 040-2014-EM, Cadre complet de la réglementation environnementale des mines du Pérou. Depuis 2024, l'entreprise doit se conformer à 12 Exigences spécifiques de certification environnementale pour ses opérations minières.

Exigence réglementaire	Statut de conformité	Coût de vérification annuel
Évaluation de l'impact environnemental	Pleinement conforme	$750,000
Gestion des ressources en eau	Conforme	$450,000
Protocoles de gestion des déchets	Pleinement conforme	$350,000

Processus d'autorisation complexes pour les projets d'exploration et d'extraction

Buenaventura Faces plusieurs étapes de permis pour les projets miniers, avec un temps de traitement moyen 18-24 mois par projet. La société gère actuellement 7 Permis d'exploration active à travers le Pérou.

Type de permis	Temps de traitement moyen	Frais du gouvernement
Permis d'exploration	22 mois	$275,000
Permis d'extraction	24 mois	$425,000

Des accords commerciaux internationaux affectant les capacités d'exportation minérale

Buenaventura exploite 3 accords commerciaux clés Pour les exportations minérales: accord de libre-échange du Pérou-china, accord de promotion du commerce des États du Pérou et de la promotion et accord complet et progressif pour le partenariat transpacifique (CPTPP).

Accord commercial	Réduction des tarifs d'exportation	Valeur d'exportation annuelle
Pérou-Chine FTA	Tarif 0%	385 millions de dollars
Pérou-US TPA	Tarif 0%	275 millions de dollars
CPTPP	Tarif 0%	210 millions de dollars

Défis juridiques potentiels des parties prenantes environnementales et communautaires

Buenaventura gère actuellement 4 poursuites en matière d'engagement communautaire actif, avec une exposition juridique potentielle totale estimée à 45 millions de dollars. L'entreprise a établi un Fonds juridique de 12 millions de dollars pour résoudre les litiges communautaires et environnementaux potentiels.

Catégorie de procès	Nombre de cas actifs	Impact financier potentiel
Réclamations de dommages environnementaux	2 cas	25 millions de dollars
Conflits d'utilisation des terres	1 cas	12 millions de dollars
Défis de droits des autochtones	1 cas	8 millions de dollars

Compañía de Minas Buenaventura S.A.A. (BVN) - Analyse du pilon: facteurs environnementaux

Pression croissante pour réduire l'empreinte carbone dans les opérations minières

Selon le rapport sur la durabilité de Buenaventura en 2022, les émissions totales de gaz à effet de serre de la société étaient de 214 152 tonnes métriques d'équivalent de CO2. La société s'est engagée à réduire son intensité d'émissions de carbone de 20% d'ici 2030 par rapport aux niveaux de référence 2020.

Source d'émission	Tonnes métriques CO2E (2022)	Pourcentage des émissions totales
Émissions directes (étendue 1)	87,634	40.9%
Émissions indirectes (portée 2)	126,518	59.1%

Gestion de l'eau et conservation dans les processus d'extraction minérale

En 2022, Buenaventura a consommé 11,2 millions de mètres cubes d'eau dans ses opérations minières. L'entreprise a mis en œuvre des stratégies de recyclage et de réutilisation de l'eau pour minimiser la consommation d'eau douce.

Source d'eau	Volume (M³)	Pourcentage de l'utilisation totale de l'eau
Eaux de surface	6,720,000	60%
Eaux souterraines	3,360,000	30%
Eau recyclée	1,120,000	10%

Protection de la biodiversité dans les zones d'exploration minière

Buenaventura gère 12 500 hectares de terres dans des zones environnementales. La société a identifié et cartographié 87 espèces de préoccupations de conservation dans ses régions opérationnelles.

Catégorie de biodiversité	Nombre d'espèces	Statut de conservation
Espèces en voie de disparition	23	Risque élevé
Espèces vulnérables	42	Risque modéré
Espèces presque menacées	22	Risque

Engagement envers l'exploitation minière et les pratiques de restauration écologique durables

En 2022, Buenaventura a investi 15,3 millions de dollars dans des projets de réadaptation et de restauration environnementaux. L'entreprise a réhabilité avec succès 672 hectares de terrain sur ses sites miniers.

Activité de restauration	Hectares réhabilité	Investissement (USD)
Reboisement	342	7,8 millions de dollars
Remédiation des sols	210	4,5 millions de dollars
Régénération des écosystèmes	120	3 millions de dollars

Compañía de Minas Buenaventura S.A.A. (BVN) - PESTLE Analysis: Social factors

You can't talk about mining in Peru without talking about social conflict. It's the single biggest operational risk, often determining whether a project moves forward or stalls for a decade. For Compañía de Minas Buenaventura S.A.A. (BVN), navigating the complex web of community demands, illegal mining, and government policy shifts like the REINFO program is a constant, high-stakes battle for your social license to operate (SLO).

Pervasive social conflicts, with 21 active conflicts in mining regions reported in 2024

The sheer number of socio-environmental conflicts remains a critical factor, demonstrating the deeply fractured relationship between the state, communities, and mining companies. While the total number of conflicts fluctuates, the Ombudsman's Office (Defensoría del Pueblo) consistently reports a high baseline, with a majority tied to extractive industries. For example, in a recent tally, the office itemized 195 active and latent conflicts across the country, with mining-related disputes forming the largest category.

These conflicts are not just noise; they are direct threats to production. The most pressing disputes are concentrated along the Southern Mining Corridor, affecting major operations and transport routes in regions like Cuzco and Apurímac. The core issues are almost always land, water, and the perception that local communities are not receiving a fair share of the wealth extracted from their territories. This is a perpetual headwind for any large-scale project.

Illegal gold mining is a massive shadow economy, projected to generate $12 billion in 2025 exports

The shadow economy of illegal and informal gold mining is a direct, violent competitor to formal operations like Buenaventura. Driven by gold prices that soared past $3,000 per ounce in 2025, the incentives for illicit activity are huge.

Here's the quick math: The Peruvian Institute of Economics (IPE) projects that illegal gold exports will reach the level of legal exports by the end of 2025, equivalent to a staggering $12 billion in export value. This illicit trade is projected to involve between 105 and 115 metric tons of gold. This shadow industry is not just a regulatory headache; it is a security threat, often linked to organized crime, and it accounts for an estimated 44% of the illegal gold exported from all of South America.

Metric	2024 Value	2025 Projection / Recent Data
Illegal Gold Export Value (USD)	$7 billion	$12 billion (Projected by IPE)
Illegal Gold Export Volume (Tons)	92 tons	105 - 115 metric tons
Miners Removed from REINFO (July 2025)	N/A	50,565

Termination of the REINFO program in mid-2025 triggered protests by over 50,000 informal miners

The government's attempt to formalize the small-scale mining sector through the Registro Integral de Formalización Minera (REINFO) program has created immediate, intense social instability in 2025. In July 2025, the Ministry of Energy and Mines removed 50,565 informal miners from the temporary permit scheme, citing a lack of activity or compliance.

This mass removal immediately triggered widespread protests and road blockades in key mining regions, including La Libertad, Ica, Arequipa, Cuzco, and Ayacucho. The miners are demanding unconditional formalization, arguing the process is too complex and costly. The government's stated goal is to formally transition 31,560 miners into the legal sector by the end of 2025, but the protests underscore the deep social tension caused by this regulatory shift.

Growing community demands for greater local benefit sharing and control over water resources

The demand for water control is a major flashpoint. Peru's water stress is severe, with 544 districts in 14 regions having declared a water emergency. Communities are increasingly vocal about protecting their water sources from perceived contamination or overuse by mining operations.

Buenaventura is directly addressing this with a new approach, exemplified by the El Algarrobo water-mining project in Piura. The strategy is simple: water first, mine later. The project is designed to prioritize water access for the local community of Locuto before any polymetallic mining begins. This is a critical move to build trust and secure your SLO, as the project involves a potential cumulative investment of $2.7 billion over 10 years of production. This proactive investment in local infrastructure is defintely the right move, but it raises the bar for all future projects.

• Prioritize water access for communities before exploration.
• Increase strategic social investments to $240 million per year.
• Ensure 64% of your total workforce consists of local employees.

Next step: Operations team needs to quantify the cost-of-conflict (CoC) for Q3 2025, including lost production days and security expenses, to benchmark against the $240 million annual social investment figure. Owner: Finance.

Compañía de Minas Buenaventura S.A.A. (BVN) - PESTLE Analysis: Technological factors

You're looking at the technological landscape for Compañía de Minas Buenaventura S.A.A. (BVN), and the key takeaway is that the company's capital is shifting from pure exploration to operational efficiency and regulatory streamlining. This is a crucial pivot for a mature miner. The near-term opportunity lies in leveraging existing investments to cut costs, while the long-term risk is falling behind the industry-wide adoption of Artificial Intelligence (AI) and the Internet of Things (IoT).

BVN invested $42.3 million in advanced technological exploration in 2023.

BVN's commitment to finding new resources remains strong, but the focus is on smarter, more efficient exploration. The company invested $42.3 million in advanced exploration in 2023, which sets the foundation for future development. However, the real story in 2025 is the shift in capital expenditure (CAPEX) toward operational improvements and project execution.

For the first nine months of 2025 (9M25), BVN's total capital expenditures reached US$ 275.9 million. More importantly, the full-year 2025 sustaining CAPEX guidance, which covers the essential maintenance and efficiency upgrades for current operations, is projected to be between US$ 125 million and US$ 140 million. That money is going directly into making existing mines run better.

Industry-wide push for Artificial Intelligence (AI) and Internet of Things (IoT) for predictive maintenance.

The Peruvian mining sector is in a full-on digital transformation, and BVN is responding by embedding efficiency mandates into its 2025 financial plan. The industry is seeing a major push for Artificial Intelligence (AI) and the Internet of Things (IoT) to move from reactive maintenance-fixing things after they break-to predictive maintenance (PdM).

This shift is not theoretical; it's a direct financial opportunity. Analysts project that using AI-driven analytics for predictive maintenance can reduce mining equipment downtime by up to 30% and cut maintenance costs by 20% by the end of 2025. BVN's 2025 sustaining CAPEX explicitly includes investments aimed at increasing efficiencies with reduced costs as the company works to become a self-operator at mines like El Brocal, Uchucchacua, and Yumpag.

• Action: Use IoT sensors to monitor crushers and conveyors in real-time.
• Benefit: Anticipate failures before they occur.
• Result: Target a 30% reduction in unscheduled downtime.

Adoption of injection leaching technology at operations like Yanacocha to improve gold recovery.

While Compañía de Minas Buenaventura S.A.A. sold its stake in Yanacocha, the adoption of advanced recovery technology is a key performance indicator across its wholly-owned portfolio. At the Tambomayo mine, a wholly-owned gold and silver operation, the company implemented a tailings leaching process to improve gold recovery.

This is smart, incremental technology. By leaching the pulp tailings from the flotation process, which still contain a significant amount of metal, the company aimed to recover around 30% of the remaining gold content. This kind of technology-driven recovery from waste streams is a low-risk, high-return way to boost output without digging new ore.

Here's the quick math on recovery technology:

Mine/Project	Technology Focus	Investment/Status	Expected Outcome
Tambomayo	Tailings Leaching (Flotation Pulp)	Planned US$ 1.49 million investment (2021)	Recover ~30% of remaining gold from tailings
San Gabriel Project	Mine Development & Processing Plant	Cumulative CAPEX reached US$ 505 million (as of March 2025)	First gold bar expected by 4Q25

Government's Ventanilla Única Digital (VUD) aims to simplify the notoriously slow permitting process by July 2025.

One of the most significant technological factors affecting BVN is external: the Peruvian government's push for the Ventanilla Única Digital (VUD), or Digital Single Window. This initiative is designed to simplify the country's notoriously slow and complex permitting process by integrating and digitizing processes across multiple government departments.

The VUD is a game-changer if it works as intended. The system promises integrated digitalization, which means less form-filling and faster approvals for everything from exploration to exploitation. The VUD is expected to be fully implemented by July 2025. A faster permitting process directly lowers the political and regulatory risk premium on all of BVN's projects, which could defintely unlock significant value in their exploration pipeline.

What this estimate hides is the complexity of nine different government departments actually coordinating, but the intent is a clear technological tailwind.

Compañía de Minas Buenaventura S.A.A. (BVN) - PESTLE Analysis: Legal factors

You're operating in a jurisdiction like Peru, so the legal landscape is your bedrock, but it's also your biggest source of near-term uncertainty. The core takeaway for Compañía de Minas Buenaventura S.A.A. (BVN) is that the government is simultaneously trying to streamline permitting and increase tax revenue, while political pressure threatens to dramatically shorten the lifespan of your core asset-the mining concession itself. That's a tough knot to untangle.

Proposed mining concession reforms could shorten exploration rights to as little as 10 years from decades.

The most immediate and material legal risk for a company like Compañía de Minas Buenaventura S.A.A. is the legislative debate in the Peruvian Congress as of late 2025. Current proposals aim to fundamentally alter the mining concession system, which has historically granted large miners like you exploration rights for decades. The new, controversial provision is a 'use-it-or-lose-it' mechanism that could reduce exploration rights to as little as 10 years.

This is a huge threat to long-term project planning. Honestly, it takes an average of 40 years from initial concession to full production for a major mine in Peru, so a 10-year limit on exploration rights is defintely not enough time to justify the multi-billion dollar capital expenditure. This uncertainty forces a strategic decision: do you accelerate exploration now, or do you wait for regulatory stability, risking the loss of a concession?

Corporate Income Tax (CIT) rate is 29.5%, plus a mining royalty rate of 8.4%.

The fiscal regime is complex, but the numbers are clear. The standard Corporate Income Tax (CIT) rate for resident companies like Compañía de Minas Buenaventura S.A.A. is 29.5% on worldwide net income for the 2025 fiscal year. If you have a Tax Stabilization Agreement with the government, you pay a 2 percentage point premium, making your CIT rate 31.5%, but you get long-term tax certainty.

In addition to the CIT, you face a progressive tax structure on your operating profit. This includes the Mining Royalty (MR) and the Special Mining Tax (SMT), which are designed to increase the state's take when commodity prices are high. For the nine months ended September 30, 2025 (9M25), Compañía de Minas Buenaventura S.A.A. recorded a total of US$19.39 million in Mining Royalties and Special Mining Tax. That's a concrete cost you have to factor into your cash flow projections.

Here's the quick math on the non-CIT mining taxes:

• Mining Royalty (MR): A progressive tax on operating profit, with marginal rates ranging from 1% to 12%.
• Special Mining Tax (SMT): A progressive tax on operating mining income, with marginal rates from 2% to 8.4%.

Permitting process for a major mining project averages 40 years in Peru.

The excessive bureaucratic red tape, or 'permisomania,' is a structural legal issue that adds enormous cost and time to any new project. While the average time from initial concession to operation for a major mining project is about 40 years, the government is trying to accelerate things.

The environmental certifier, Senace, is working to reduce approval times for certain permits. For example, the approval of Technical Support Reports (ITSs), which are minor project changes, has been reduced to an average of 67 business days. They also hope to cut the average time for Environmental Impact Assessments (EIAs) to 120 business days. Still, compared to a global copper project development average of 17 years, Peru's 23-year average for copper projects shows how much ground still needs to be covered.

Stricter enforcement of anti-corruption laws is increasing compliance costs and scrutiny.

Corruption remains a systemic issue, which raises your operational risk and compliance burden. Transparency International ranked Peru 127th out of 180 countries in its 2024 Corruption Perceptions Index. The good news is that the legal framework is tightening up.

New laws, like the government procurement law that entered into force in April 2025, are designed to align with international anti-corruption standards and reduce bribery in public contracts. This means increased scrutiny on your interactions with all levels of government, from local permitting offices to national procurement. You need a robust compliance program in place to mitigate the legal and reputational risks associated with the country's high-risk environment.

Here is a summary of the core legal costs and risks:

Legal/Fiscal Factor	2025 Key Metric/Value	Impact on BVN
Standard Corporate Income Tax (CIT)	29.5% on worldwide net income	Standard tax liability; 31.5% if under a Tax Stabilization Agreement.
Mining Royalties & Special Mining Tax (9M25)	US$19.39 million paid by BVN (9M25)	Direct cost on operating profit; progressive rates (1% to 12% MR, 2% to 8.4% SMT) increase exposure to commodity price volatility.
Major Project Permitting Time	Average of 40 years from concession to production	Increases cost of capital and delays time-to-market for new reserves.
Proposed Exploration Rights Duration	Potential reduction from decades to as little as 10 years	Highest near-term regulatory risk; threatens the long-term viability of undeveloped concessions.

Compañía de Minas Buenaventura S.A.A. (BVN) - PESTLE Analysis: Environmental factors

Global ESG (Environmental, Social, and Governance) scrutiny is increasing, especially from EU regulations.

You're operating in a world where capital allocation is increasingly tied to environmental performance, and this is a non-negotiable trend. The pressure from global investors, particularly those aligned with European Union (EU) taxonomy standards, means that simply complying with local Peruvian regulations isn't enough anymore.

Investors want to see a clear, auditable path to decarbonization and responsible resource use. Your inclusion in indices like the Dow Jones Sustainability Indices (DJSI) is a good start, but the market is quickly moving toward mandatory, detailed reporting on environmental outcomes, not just policies. This rising global standard is a permanent shift, so your environmental data needs to be as precise and timely as your financial reporting.

Mining expansion puts significant pressure on water resources, a key source of community conflict.

Honestly, water is the single most critical environmental risk for any mining operation in the Andes, and it's a direct source of conflict with local communities. When you expand, you increase the pressure on already scarce resources, and that risk is magnified by climate variability.

Compañía de Minas Buenaventura S.A.A. has made strong progress in water conservation through recirculation, which is a clear, actionable metric. For the 2025 fiscal year, the water recirculation rates are impressive, showing a commitment to efficiency:

• Open Pit Operations: Water recirculation rate of 99%.
• Underground Operations: Water recirculation rate of 88%.

Plus, the company has substantial water infrastructure, with an annual storage capacity of approximately 120 million cubic meters across 13 reservoirs, which helps manage dry season supply for both operations and local populations. Still, the perception of water use in the community remains a constant challenge that requires more than just technical efficiency; it demands transparent, shared management.

BVN is focused on reducing GHG (Greenhouse Gas) emissions and improving water management.

Your strategy to mitigate climate risk is heavily reliant on your energy matrix, which is a major competitive advantage. By sourcing 100% of your energy from renewable sources, primarily from your own hydroelectric plants, you've essentially de-risked your Scope 2 emissions.

This commitment translates to a relatively low carbon footprint for your operations. For the 2025 fiscal year, your total reported Scope 1 and Scope 2 GHG emissions stand at approximately 89,000 TM (CO2Eq), which is stated to be below the industry average. Here's the quick math: with 100% renewable energy, your focus shifts almost entirely to controlling direct operational emissions (Scope 1) from fuel use in heavy machinery and transport.

Metric (2025 Fiscal Year)	Value	Significance
Total GHG Emissions (Scope 1 + 2)	89,000 TM (CO2Eq)	Below industry average, reflecting low-carbon power.
Renewable Energy Use	100%	Eliminates Scope 2 emissions risk.
Water Recirculation (Open Pit)	99%	High operational efficiency in water-intensive processes.

Need to secure long-term biodiversity net gain (BNG) and environmental outcomes reporting.

The next frontier in environmental compliance isn't just 'no net loss,' but a demonstrable 'net gain' in biodiversity. While the strict legal framework for Biodiversity Net Gain (BNG) is currently most advanced in places like the UK, the expectation for large, global miners to secure a long-term, verifiable 10% biodiversity uplift is rapidly becoming a global best practice.

For Compañía de Minas Buenaventura S.A.A., this means moving beyond general environmental management plans to quantifiable, long-term habitat creation and restoration projects with defined metrics and third-party verification. You need to treat biodiversity as a measurable asset. The current focus on 'environmental assets generation' and mine closure plans is a foundation, but the market will soon demand specific, auditable BNG outcomes and a clear reporting mechanism to show that your operations are leaving the natural environment in a defintely better state than before.